Apple's changed their technical support rules on the Liquid Contact Indicator that's inside just about all iOS devices so that even if it's triggered, you might still be able to get a replacement. This, supposing you didn't actually dunk your phone.

The LCI rests inside the speaker jack of most iPods and iPhones and iPads, and is supposed to tell the guy at the Genius Bar whether or not your phone slipped into a sink or toilet when you come in for repairs. Unfortunately, sometimes humidity and other non-submerging factors set off the indicator. Now Apple will look at the surrounding area and make a judgement call based on "corrosion," which is better than the all-or-nothing method they used before.

Their leaked support docs only cover iPods, but it's likely that it extends to iPhones and iPads as well, seeing as they have similar water damage indicators. [Mac Generation via iGeneration via 9to5Mac via The Atlantic]